Once again, actuary was named No. 1 best job in America. Some in the profession are leveraging that accolade to move into new and exciting roles.

The actuarial profession is suffering from good press. It seems as if every few weeks a news outlet proclaims that actuaries have the best jobs in the United States.

So what does that mean? Surging interest among those looking to enter the profession, increased exposure to industries previously ignorant of the skills that actuaries bring to the table, and, it is to be hoped, expanding opportunities in those industries in which actuaries haven’t traditionally been employed.

Click Here for Remainder of Article in Contingencies Magazine

Actuarial Recruiters’ Roundtable
By Arthur Schwartz

Schwartz: How active is the job market by exam level or by experience? Which areas (either types of practice, skill sets, backgrounds, or types of employers (e.g., brokers or reinsurance companies) are really “hot” right now? Which areas are really “cold”?

Ezra: The employment market has increased significantly over recent months. Employers had not hired as many entrylevel candidates over the past few years, so there’s a shortage of candidates with experience in the 1 to 4 exams (and 1 to 4 years of experience) areas. Perhaps in the past, an employer may have two or three openings, while in today’s economic times, they’ll reduce that down to one opening and will seek one very qualified candidate. We see employers being very particular about whom they choose. This has caused the hiring process to take longer.

Ezra: The NAIC and rating agencies such as Standard & Poor’s are incorporating into their analyses insurance companies’ ERM processes that have Solvency II-related aspects to them.

Schwartz: What are the ideal qualifications that companies look for in selecting an entry level candidate (someone who may have a few exams but no work experience)?

Ezra: The actuarial profession gets rated highly by various magazines and Jobs Rated Almanac, so more people are interested in becoming an actuary than in the past. Those publications don’t say much if anything about the actuarial exam process. For most candidates, the exam process is daunting. They need to be aware of the process and how long it takes, in terms of hours to study for one exam, the many years that need to be devoted toward building up a solid educational base, and obtaining one’s credentials to practice as an actuary.

Ezra: Entry-level candidates with any type of modeling experience through internships or through class studies will have an advantage.

Schwartz: What trends are there in the job market for Associates or Fellows? Specifically, are there fewer openings with more candidates per opening or are these credentialed actuaries more likely to remain where they are than to see other and presumably better opportunities elsewhere?

Ezra: There are two interesting factors at play that have made candidates more open to considering opportunities elsewhere. For one, there are more job openings recently, so actuaries are becoming more open to considering new roles. Also, whereas in the past few years, candidates have been reluctant if they were underwater on their homes. We see people being more flexible with regard to their home. They are more willing to rent it or even take a loss if the opportunity is attractive and the compensation package that’s offered makes up for the loss they may take on their home.

Ezra: Candidates for senior-level openings find the competition can be fierce. Employers are looking for strong technical skills and modeling experience; someone who’s able to dig into the models, and be hands-on, even at the more senior levels.

Ezra: Companies look to hire someone who has good communication skills and good business acumen.

Read more…

Companies and firms looking to hire entry-level actuaries are finding new challenges that are unlike those at any time in the recent past: the supply of extremely bright, qualified and eager candidates is so high that it is nearly problematic! I often hear the complaint, one that easily described as a good problem to have, that “I posted a job, and got 250 applicants. How do I sort through them all to find the best candidates?” The larger employers of entry-level actuaries have this process figured out. They have college recruitment programs, staff dedicated to the process, shiny brochures printed, give away products printed with their company logo, and exam and rotational programs in place that give the recruits a vision of what life at their company would be like.

Read more…

Happy Anniversary, Team!

Ezra Penland Actuarial Recruitment, specializing in the recruitment of actuaries and catastrophe, predictive, and financial modelers/analysts, announces the winner of the $500 Ezra Penland Actuarial Recruitment Scholarship: Samantha Lee.

Ms. Lee attends the Wharton School of Business at the University of Pennsylvania where she is both a Joseph Wharton Scholar and Benjamin Franklin Scholar. She is an Actuarial Science major who has passed the first two actuarial exams. In addition to tutoring mathematics, she is sitting president of the Penn Actuarial Society and Vice President of Wharton Women. Last summer Ms. Lee interned at CIGNA in Hartford, CT and is currently interning at PricewaterhouseCoopers in New York City.

Ezra Penland Actuarial Recruitment works on all levels of actuarial positions, from the actuarial analyst and actuarial assistant levels, up through Associateship, Fellowship, Chief Actuaries, consulting partners and executive management, in addition to predictive modelers and catastrophe risk modelers. These roles are in Property & Casualty, Life, Health, Pensions and Non-Traditional disciplines. Clients include insurers, reinsurers, brokers, consulting firms and other employers of actuaries.

Ezra Penland Actuarial Recruitment
4256 North Ravenswood
Suite 200
Chicago, IL 60613

www.EzraPenland.com

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